Small EV Batteries See Biggest Growth

The industry for energy storage in electric vehicles is expected to grow from $13 billion to $30 billion in the next five years. But, according to a new report from Lux Research, smaller lithium-ion batteries will see more growth in the market than larger lithium-ion battery models that power cars.

A senior analyst at the research firm said that although pricing for electric car batteries would fall, the company did not see the technology becoming cheap enough for wide-spread adoption by consumers. Instead, Lux Research believes lithium-ion batteries for electric bicycles and types that power micro-hybrids will be more successful.

image via Better Place

The micro-hybrid battery market specifically is expected to boom from $495 million to $3.1 billion by 2016. Still, the e-bike battery industry, according to the report, will be larger worldwide, going from $12 billion to $24.3 billion in the same period of time.

While the lithium-ion battery market is surging ahead, lead-acid batteries still reign supreme, as that market is projected to be $16.1 billion in five years time.

Aaron Colter is a freelance writer and marketing consultant in Portland, Oregon. A graduate of Purdue University, he has worked for the NCAA, Dark Horse Comics, Willamette Week, AOL, The Huffington Post, Top Shelf Productions, DigitalTrends, theMIX agency, SuicideGirls, EarthTechling, d'Errico Studios and others. He is also the co-founder of BananaStandMedia.com, a free record label, recording studio, and distribution service for independent musicians.